Cryptocurrencies fall 13.8% on the first day of bitcoin as the official currency of El Salvador. The aggregate price of the cryptocurrency market has experienced a decrease this Tuesday of 13.8% , coinciding with the first day on which bitcoin has become legal tender in El Salvador.
The aggregate decline in the market value of the almost 9,300 cryptocurrencies registered on the ‘Coingecko’ platform has caused the combined value of all currencies to stand at 2.1 trillion dollars (1.77 trillion euros).
Bitcoin, the official currency of El Salvador and the cryptocurrency with the largest capitalization, has registered a decline of 10.1%, reaching $ 46,208.48. On its side, ethereum, the second largest currency in the cryptocurrency market, has seen a drop of 14.6%, to $ 3,363.55.
In June, the Salvadoran Parliament approved the legalization of the cryptocurrency. The law states that the use of virtual currency will be “unrestricted, with liberating and unlimited power in any transaction and to any title that public or private natural or legal persons want to carry out.”
The president of the country, Nayib Bukele, has repeatedly defended this measure for various reasons, including the reduction of costs in remittances for millions of Salvadorans working abroad or, even, an opportunity to protect economies developing potential impacts on inflation.
The Salvadoran president figures in 400 million dollars (340 million euros) the savings in commissions for all those who send remittances to the country, which last year alone accounted for a quarter of GDP, about 6,000 million dollars (5,000 million euros). euros).